Welcome to Express 360 Insurance & Financial Services
Welcome to Express 360 Insurance & Financial Services
Car insurance is a type of motor policy that protect you from financial loss occurred due to damages such as theft, third-party damage, man-made and natural calamities. With valid car insurance you can get financial and legal protection against the damage caused by your car. Comprehensive insurance policy for car provides protection against damage caused to your own car. As per the Motor Vehicles Act of 1988, if you own a car, it is compulsory to have at least third-party car insurance to cover damage(s) caused to others.
Car Insurance, is a legal agreement between a car owner and an insurance company. The insurance company promises to cover the costs if any damage occurs to your car that could lead to financial loss.
There are three different types of car insurance policies that have different levels of coverage: Third-Party Car Insurance (Liability Insurance), Standalone Own-Damage (OD) Car Insurance, and Comprehensive Car Insurance.
It is important to renew your car insurance policy on time so you can continue enjoying the benefits of your chosen coverage.
The following are the salient features of a car insurance policy.
| Highlights | Benefits |
|---|---|
| Third-Party Cover | Third party car insurance is a basic but mandatory car insurance cover that protects you from third-party losses and damages such as injuries to a third-party person or even their death, as well as damages to a third-party vehicle or property caused by your insured car. |
| Own Damage Cover | Own damage car insurance policy covers damages caused due to accidents and natural disasters. It covers damages caused from earthquakes, floods, or storms. Also, covers man-made incidents such as riots, vandalism, or terrorist attacks. |
| Customizable Add-on Covers | Add–on plans are designed to offer insurance coverage to damages other than what the basic motor insurance covers. They help in getting an extensive cover for the damages caused and the cost of the repairs. Add-on covers such as Zero/Nil Depreciation, Consumables, Engine Protection, Tyre Protection, Return to Invoice, Road Side Assistance, Key Protection, etc. |
| Compulsory Personal Accident (PA) cover | Cover of ₹15 lakh for permanent disability/death during accident. |
| Cashless Claim | Available at the network garages of the insurer. |
| No Claim Bonus | Up to 50% |
Let’s take a closer look at the three main types of car insurance policies.
Third-party car insurance is mandatory for driving a car in India. This is the most basic type of car insurance hence is also referred to as Liability Only Car Insurance Policy. It covers the costs of bodily injury, disability, or death of a third party in an accident involving your car. It also covers property damage of up to ₹7.50 lakh caused by the accident.
This is the most extensive type of car insurance that covers not only the costs of third-party liabilities but also damage(s) caused to your own car. Additionally, it also covers damages caused to your car by natural and man-made disasters, theft, fire, explosion, lightening and other similar incidents.
The Standalone Own-Damage car insurance policy was introduced by the Insurance Regulatory and Development Authority of India (IRDAI), in September 2019. This policy offers coverage to the damages sustained by your own car. You can purchase this policy only if you have an active third-party car policy. This policy offers flexibility of choosing insurance provider.
It’s important to choose the right car insurance policy based on your needs and budget. Also, renew your policy on time to stay protected on the road.
Add-on covers are extra benefits that you can add to your car or four-wheeler insurance policy to increase your protection. You can buy it with a comprehensive car insurance and Standalone OD Car insurance policy. Here are some of the options you can choose from.
The zero depreciation or nil depreciation add-on allows you to recover the deducted cost of depreciation on your car’s parts when you make a claim for damages. This means that you can receive up to the full sum insured without any reduction due to depreciation. It’s worth noting, however, the number of claims admissible under this add-on varies depending upon the insurance company and is applicable only to your own-damage car insurance policy or comprehensive car insurance policy.
Covers the cost of replacing consumables in your car that are lost or damaged due to an accident. Consumables include items like oil for the gearbox, air conditioner gas, nut and bolts, etc. However, this add-on will not pay for fuel.
Engine protection in car insurance covers your vehicle's engine parts, differential parts and gearbox parts against damage due to consequential loss arising out of ingression of water/leakage of lubricating oil. In simple terms, any damage to the car's engine and its components due to oil leakage or water entry are covered under engine protection cover.
Covers the standalone accidental loss or damage to tyres. With this tyre protection, you are offered compensation and replacement under specific circumstances.
If you have purchased the Return to Invoice add-on, and your car is completely damaged or stolen, the insurance company will help cover the difference between the purchase price and the amount of compensation you receive (due to the depreciation). Some insurers may also cover the registration charges and road tax you have spent on the car.
This covers the cost of repairing or replacing your car keys and locks if they are damaged or lost.
This provides 24/7 breakdown assistance for your car if it breaks down in a remote location. Assistance including towing, fueling, and mechanic services is provided.
This covers the passengers in your car in case of accidents leading to permanent disability or death.